Yukon’s Economic and Labour Market Outlook: A Bright Horizon

On November 15, 2024, the Conference Board of Canada unveiled two pivotal reports shedding light on Yukon’s robust economic and labour market prospects. The findings highlight a resilient economy, driven by strategic investments and the Yukon government’s dedication to sound fiscal management.

Encouraging Economic Indicators

The first report, Learning From One Another: A Comparative Analysis of Labour Market Needs and Corresponding Skills in Northern Ontario, Yukon, and Nunavut, offers a detailed look at labour market dynamics across these regions from 2024 to 2045. It underscores key workforce challenges and identifies in-demand skills necessary for sustained growth.

The second report, A New Footing: Yukon’s 20-Year Outlook, predicts steady economic growth despite near-term hurdles. Key projections include:

• A 10% growth in Yukon’s workforce by 2045.
• Employment increases of 14% in non-commercial services and 11% in commercial services.
• High demand for workers in the health, education, and service sectors.

Despite an anticipated 3.2% decline in real GDP for 2024, primarily due to reduced mining sector output, the economy is forecasted to recover. Between 2025 and 2028, GDP is expected to grow at an average rate of 2.1%, driven by a resurgence in tourism, increased non-residential investments, and stabilizing inflation and interest rates. These factors are set to boost consumer spending and business investment.

Commitment to Economic Resilience

Premier Ranj Pillai highlighted the government’s focus on fostering economic growth while addressing affordability challenges for residents. Policies prioritizing investments in people aim to empower Yukoners to pursue entrepreneurial ventures and innovative solutions.

Minister of Finance Sandy Silver echoed these views, emphasizing the importance of a diversified and resilient economy. He reiterated the government’s commitment to ensuring economic benefits are widely shared across the territory through strategic planning and investment.

Key Highlights from the Reports

• The Learning From One Another report, conducted for Canada’s Future Skills Centre, involved Indigenous communities, governments, and educational institutions in Northern Ontario, Yukon, and Nunavut.
• The studies used the Conference Board’s forecasting models to create economic scenarios for these regions up to 2045.
• Employment in Yukon is forecasted to grow by 3.5% in 2024, despite challenges in the mining sector.
• Yukon’s population is projected to reach 50,000 by 2030, growing at an annual rate of 1.7%, significantly outpacing the national average of 0.9%.
• Tourism is expected to rebound strongly, with visitor numbers approaching record levels by the end of 2024.

A Path Toward Sustainable Growth

These forecasts affirm Yukon’s vibrant economy and strong labour market, underscoring the importance of sustained investments in infrastructure and human capital. The Government of Yukon remains committed to building a resilient economy that supports its current residents and lays a solid foundation for future generations.